2018 Full-Year results presentation

• Satisfactory 2018 results, in line with the plan:
- Group sales up 1.4% on a like-for-like basis, accelerating in the second half (+2.0% in H2 vs +0.7% in H1)
- Recurring operating income (ROI) of €1,905m, corresponding to €1,938m pre-IAS 29 up €93m (+4.6%) at constant exchange rates compared to 2017 reported ROI1
- Adjusted net income of €802m, up vs €773m reported in 2017
- Improvement in free cash flow excluding exceptional items, at €1,088m (vs €950m reported in 2017)

• Powerful transformation dynamic launched in 2018:
- Concrete actions to become the leader in the food transition for all
- Construction of a growth model: Rapid revamp of the in-store commercial proposition supported by partnerships, speedy roll-out of the omnichannel offer and expansion in growth formats
- Culture of operational efficiency and financial discipline: In-depth transformation of organizations, purchasing alliances, process industrialization and cost optimization dynamic, enhanced selectivity and productivity of investments

• Deepening of the initiatives underway in 2019, upwards revision of several targets of Carrefour 2022 plan:
- New ambition in the construction of a growth model: Simplification of assortments (reduction of -15% in 2020 vs -10%), global reduction in sales area of 400 000 sq. m and acceleration in expansion of convenience formats (3,000 openings vs 2,000) by 2022
- Strengthening of the culture of operational efficiency and financial discipline: Cost-savings objective raised to €2.8bn (vs €2.0bn) on a full-year basis in 2020

Alexandre Bompard, Chairman and Chief Executive Officer, declared: “We have launched an unprecedented transformation in 2018. Our encouraging results now allow us to revise upwards a number of 2022 targets. We continue to revitalize our commercial policy, with a strong push in favor of purchasing power and food quality. We are adapting our formats, especially hypermarkets, and accelerating the deployment of our growth formats and a benchmark omnichannel offer. And we continue to improve our operational efficiency. For Carrefour, 2019 will be a year in which we will deepen the initiatives of the 2022 plan, to better serve our customers."

The 2018 Annual Results presentation will take place on Thursday, February 28th, 2019 at 10.30 am (Paris time).> Access to the webcast